Which term matches the description: information collected for the first time to fit a specific purpose?

Which term matches the description: information collected for the first time to fit a specific purpose?

• A. Market research
• B. Primary data
• C. Psychographics
• D. Secondary data

Answer: (B)

Collecting information for the first time to fit a specific purpose is primary data. This means you gather new, original information tailored to a particular question or decision—like understanding exactly what features customers want or what price point they'd pay. Because you design the data collection for your objective, you control who you survey, how you ask questions, when you collect it, and how you analyze it, yielding data that’s highly relevant and timely for your startup decision. Market research is the broader process that can include both new data collection and existing data. Secondary data refers to information that already exists from other sources. Psychographics describes the attributes of consumers (lifestyles, values) rather than the act of collecting data.

Collecting information for the first time to fit a specific purpose is primary data. This means you gather new, original information tailored to a particular question or decision—like understanding exactly what features customers want or what price point they'd pay. Because you design the data collection for your objective, you control who you survey, how you ask questions, when you collect it, and how you analyze it, yielding data that’s highly relevant and timely for your startup decision.

Market research is the broader process that can include both new data collection and existing data. Secondary data refers to information that already exists from other sources. Psychographics describes the attributes of consumers (lifestyles, values) rather than the act of collecting data.